What is internal audit and external audit and how is it important for your Firm?

I'm here to share my thoughts and new points on internal order broadly or it is classified into two groups internal audit and external audit is most of the time a statutory requirement by statutory bodies or sometimes a requirement by the bank so what is internal audit let me grab your attention on internal auditing going by the definition given by Institute of internal auditors

internal audit is providing independent assurance on an organization's governance internal controls and risk management so what does governance is nothing but a manner of controlling and regulating the action and it does the Winans means how the structures the hierarchies are defined in an organization where the structures and the hierarchies are not defined then how an organization is working whether the organization is efficient and effectively achieving 

its goals and objectives next coming on to internal control processes internal controls are the tools or the nerves which control two processes the interconnected functions definitely an organization will have multiple functions and multiple processes within it only then it can help in a smooth flow of activities so internal audit helps in controlling whether the processes are strong enough to be in sync with each other so what is risk management

the world passes through different people processes there's always chances of gaps and loopholes which results in errors profits and mistakes risk means the exposure of a business to outside danger or at harm how we can solve this out through by having a risk management policy in place what is the risk management means identification of the risk involved in your business 

then to evaluate or to measure the identified risk then to prioritize what risk will affect more and which will have more danger to the organization and finally evaluating or identifying the right mood risk mitigation strategy means simply to have the efforts in place were in advance before danger comes and affects your business so friends this was very basics of internal auditing 

How to calculate a gratuity calculator in UAE?

Nowadays nobody needs to remember the formula of checking the end of services gratuity and some people who do not know what is the end of services some employees The virtual accountants introducing a gratuity calculator in UAE now everyone checks his gratuity (end-of-service). It uses you perfect and accurate result and it is up-to-date for the government of UAE